Madoff may just be the beginning.
Securities and Exchange Commission investigators say the Bernie Madoff ponzi scheme may not be the only one out on Wall Street, underscoring a need for regulation of the investment community.
One investigation is looking into a scheme that may have ripped investors off for US $1billion, while another targeted Hatian-Americans and was still accepting investors as late as last month, says the SEC.
While there may be many other ponzi schemes on Wall Street, none are likely to reach the scope of the Madoff case, say investigators.
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The should start looking at Corey Ribotsky at NIR Group!
They should look into how he let some investors buy others out. why wasnt every investor notified?? now their money sits still while Ribotsky spends it on new cars,houses, vacations. Sure investors who lost everything would love to do those things if they had their money.